A diamagnetic levitation system having an open torus magnet segment with a pair of arms extending from a central base. The ends of the arms form a gap. The arms are superconducting magnets and the base is an electromagnet. The magnet segment creates a planar magnetic field which forms a flat ellipse as the planar magnetic field crosses from one arm to the other and which is positioned only across the gap. The electromagnet oscillates the planar magnetic field. The magnet segment levitates a diamagnetic object within and/or above the gap. A plurality of magnet segments can be arranged in series to form a levitation system of defined length. The magnet segments are rotatable so that the planar magnetic field may be tilted.